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in the Red Sea by Yemen's Houthi rebels, the province has an even greater opportunity to help Europe and the world overcome its energy supply challenges. To seize this opportunity, policymakers in St. John’s must remove the barriers that hamper investment in the province’s oil and gas industry.Unfortunately, according to a new survey, Newfoundland and Labrador is dimming in the eyes of energy investors.
Moreover, 88 per cent of respondents said uncertainty over the administration, interpretation, stability, or enforcement of existing regulations was a deterrent to investment, and that the cost of regulatory compliance discourages investment. Finally, 86 per cent said uncertainty about what areas are protected as wilderness or parks, marine life preserves or archaeological sites is a deterrent to investment while, 80 per cent said that fiscal terms — including licences, lease payments, royalties, production taxes and gross revenue charges — hinder investment.
Of course, recent federal policies also hurt the province’s investment climate. For instance, the Trudeau government enacted Bill C-69, which imposes complex, uncertain and onerous review requirements on major energy projects. While this, uncertainty remains until new legislation is introduced.
Premier Furey should seize today’s opportunity, cut the red tape, create a more competitive policy environment to investment and help Newfoundland and Labrador supply the world with oil and gas.SaltWire Network welcomes letters on matters of public interest for publication. All letters must be accompanied by the author’s name, address and telephone number so that they can be verified. Letters may be subject to editing.
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